Spam sales hit record high despite supply issues
For the seventh year in a row, Hormel Foods have produced record sales of their tinned meat product Spam, despite pandemic-related challenges.
The manufacturer recorded sales of £2.65 billion in the three months to the end of October 2021. The company reported a sales rise of 19% for the year as a whole.
In recent days, the company’s shares have also risen by just under 6%.
In October, Hormel warned that it was having issues meeting high demand for certain products because of supply chain, staffing and production problems due to Covid-19. The company also said it had to find alternate ways to increase production, including relying on co-manufacturing partners. To help limit the impact of supply issues in the future Hormel said it has signed a new contract for supplies of pork.
Hormel boss Jim Snee said: “The Spam brand delivered its seventh consecutive year of record growth.” He added: “We are also beginning work on another expansion for the Spam family of products scheduled to be operational in 2023.”